Daily Times

US dollar cheaper interbank

Karachi: (Web Desk) Today, the US dollar has become cheaper by 4 paise in the interbank, the dollar has become 279 rupees 60 paise in the interbank.

The Pakistan Stock Exchange has seen a negative trend in business at the start of the week, with the 100 index trading down 36 points at 62736.

According to the State Bank, the dollar closed at 279 rupees 64 paise in the interbank yesterday. During the weekly trade, the dollar interbank rate fell below Rs 280, open rate 281, the difference between the dollar interbank and open rate narrowed to Rs 1.09, with the exchange rate on IMF terms based on market forces. Fluctuations were also observed.

On the other hand, the Pakistan Stock Exchange witnessed a negative trend during early trading on the first day of the week, with the benchmark KSE-100 index falling by over 1,000 points.

According to the PSX website, the KSE-100 index lost 1,039 points or 1.63 percent to 62,773, which closed at 63,813 the previous day.

It should be noted that on the last business day of last week, on January 26, the benchmark KSE-100 index fell by 484 points, while a day before that, on January 25, the index went down by 524 points, but on January 24, the Pakistan Stock Exchange increased. was observed and the index index reached 64 thousand 822 after an increase of 368 points or 0.57 percent.

It should be noted that on the other hand, State Bank of Pakistan has decided to maintain the interest rate at 22 percent.

In this regard, Governer State Bank Jameel Ahmed told in the press conference that the committee meeting has been held and the current economic situation of the country has been seen. The foreign exchange reserves are improving, within a few months the foreign exchange reserves have reached 8 billion dollars, the reserves have increased by 4 billion dollars.

State Bank Governor Jameel Ahmad said that the current account deficit has been reduced to 0.7% due to government measures. It is facing a deficit of 800 million dollars. The committee has taken into consideration the rate of inflation. May 2023 saw the highest inflation rate. It has started to decline gradually, but now there is an inflation rate of 29%